Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 25.86%
The June acquisition was completed during the ₦45 billion second tranche of First HoldCo’s ₦350 billion private placement programme, in which shares were offered at ₦44 per unit.
The group plans to inject the proceeds from the capital raise into First Bank of Nigeria Limited, its flagship commercial banking subsidiary, as part of its capital restoration and broader balance sheet strengthening programme.
Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 25.
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